Blackwells Plans To Submit Director Nominations To Supervalu Board

(RTTNews) - Blackwells Capital LLC, an alternative investment management firm, sent a letter to the Board of Directors of Supervalu Inc.(SVU) announcing its intention to submit director nominations to the Board in connection with the Company's 2018 annual meeting of shareholders.

Blackwells also released a presentation detailing its analysis of Supervalu's operations, strategy and finances and a plan to unlock significant value.

Blackwells said it met with non-executive Chairman Donald Chappel and President and CEO Mark Gross on January 17, 2017.

In that meeting, Jason Aintabi, Managing Partner at Blackwells, communicated shareholders' frustration with Supervalu's performance and the need for real change in the Company's approach to operations, strategy and governance. Blackwells requested representation on the Board of Directors for three Blackwells nominees to help effect this change, as well as the creation of a new Board committee to explore concrete measures of realizing shareholder value.

But, Supervalu has summarily rejected Blackwells' request, Blackwells Capital said.